A gym membership, but for hotels and resorts.

A country club membership for luxury vacation properties.

Like NetJets, but for luxury hotels and resorts.

• Vacation Ownership Interests (Timeshares): Sale of fractional ownership interests in resort properties, providing recurring access to vacation accommodations.
• Resort Management Services: Management of daily operations, maintenance, and amenities for Hilton Grand Vacations branded resorts.
• Consumer Financing: Provision of loans to customers for the purchase of timeshare interests.
• Rental Program: Offering HGV resort accommodations for short-term rental to non-owners and existing members.
• Club Membership & Exchange Programs: Providing members with access to a portfolio of resorts, exchange opportunities, and travel benefits through a points-based system.

Hilton Grand Vacations (HGV) primarily sells its vacation ownership interests (timeshares) directly to **individuals**, not to other companies.

The company serves various categories of individual customers, which can be broadly described as:

1. Families and Multi-Generational Travelers: Customers seeking spacious accommodations, resort-style amenities, and consistent quality for recurring family vacations. They often appreciate the larger living spaces and facilities that cater to different age groups, making vacation planning simpler and more predictable.

2. Affluent and Established Travelers: Individuals or couples with significant disposable income who value high-quality, branded vacation experiences in desirable destinations. These customers typically have the financial means to afford the upfront purchase of a vacation ownership interest and the associated annual maintenance fees, and they seek a reliable and upscale way to ensure future vacations.

3. Hilton Brand Loyalists and Members: Many HGV customers are drawn from the existing base of Hilton Honors members and those who have a strong affinity for the Hilton brand. They trust the Hilton standard of service and quality, and they may be looking to deepen their engagement with the brand through vacation ownership, potentially leveraging loyalty benefits or enjoying resorts co-located with Hilton properties.

Hilton Worldwide Holdings Inc. (HLT)

Mark Wang, Chief Executive Officer

Mark Wang serves as Hilton Grand Vacations' (HGV) Chief Executive Officer and is a member of its Board of Directors, a role he assumed in January 2017 after serving as President since March 2008. He first joined Hilton in 1999 as Managing Director of Hawaii and Asia Pacific for HGV. With over 35 years of industry experience, Mr. Wang co-founded three independent timeshare companies where he served as President and Chief Operating Officer of each, prior to joining HGV. He is credited with introducing the U.S. timeshare product to the Japanese market in 1987.

Daniel J. Mathewes, President & Chief Financial Officer

Daniel J. Mathewes serves as Hilton Grand Vacations' (HGV) President and Chief Financial Officer, having been promoted to this dual role in 2024. He joined HGV in 2018 as Chief Financial Officer. Prior to his tenure at HGV, Mr. Mathewes held leadership roles including Chief Financial Officer of Virgin Hotels North America and Chief Financial Officer of The Worldy. He also served as Senior Vice President of Finance and Treasury at Kerzner International and held various financial leadership positions at Royal Caribbean Cruises and NCL Corporation (Norwegian Cruise Lines).

Gordon Gurnik, Senior Executive Vice President, Chief Operating Officer

Gordon Gurnik joined Hilton Grand Vacations (HGV) in 2018 and serves as Senior Executive Vice President and Chief Operating Officer. In this role, he leads Business Operations, Global Sales and Marketing, Sales Support, Resort Operations and Club, Program Management, Brand and Digital. With over 30 years of experience in the timeshare industry, Mr. Gurnik previously served as President of RCI, a worldwide leader in vacation exchange and travel services, from 2012 to 2018.

Charles Corbin, Senior Executive Vice President, General Counsel & Corporate Operations

Charles Corbin serves as Hilton Grand Vacations' (HGV) Senior Executive Vice President, General Counsel & Corporate Operations. He assumed the role of Executive Vice President, Chief Legal Officer and General Counsel in January 2017, coinciding with HGV's spin-off from Hilton, where he had served as a senior lawyer since 2010. Mr. Corbin has nearly 35 years of legal experience, including a successful career as a trial lawyer and partner in a boutique commodities and securities litigation law firm. He also previously served as in-house counsel for Sunrise Senior Living, Inc. and The Mills Corporation, and cofounded a venture capital fund.

Carlos Hernandez, Senior Vice President, Chief Accounting Officer

Carlos Hernandez serves as Hilton Grand Vacations' (HGV) Senior Vice President and Chief Accounting Officer since 2020. Prior to joining HGV, he held positions as Chief Financial Officer at Holistica Destinations Ltd. and Executive Vice President of Finance at The Ritz-Carlton Yacht Collection. His background also includes roles such as Senior Vice President Finance of Atlantis Paradise Island, Senior Vice President and Controller of Kerzner International, and Vice President and Controller at Norwegian Cruise Line. Earlier in his career, he was a Senior Manager with PricewaterhouseCoopers.

1. Macroeconomic Headwinds and Soft Discretionary Spending: Hilton Grand Vacations faces challenges from stubborn inflation and overall macroeconomic uncertainty, which are impacting travel budgets and discretionary spending. This has led to softer demand for timeshares, as evidenced by a 14% year-over-year decrease in the sales of Vacation Ownership Interests (VOIs) in Q3 2025. Concerns also exist regarding consumers potentially lowering holiday spending, including travel.
2. High Debt Levels and Risk of Rising Loan Delinquencies: The company carries substantial borrowings, approximately $7.3 billion, which have nearly doubled over the past 11 quarters, resulting in a Net Debt/EBITDA ratio of 8.4x. A significant risk lies in potential increases in bad debt allowance if consumer delinquencies rise, and sustained pressure on repayment rates could negatively impact the company's financial health.
3. Fraudulent Timeshare Resales and Reputational Risk: Hilton Grand Vacations is exposed to significant financial and reputational risks due to fraudulent and illegal activities within the timeshare industry. These activities, particularly unlawful third-party VOI resale or deceptive vacation package sales, threaten the company's brand value and could deter consumers from purchasing their products, thereby negatively affecting revenue and operational results. The ability to collect management fees may also be compromised.

The accelerated shift in consumer preference towards highly flexible, commitment-free vacation accommodations and experiences, driven by the continued growth and innovation of short-term rental platforms (e.g., Airbnb, VRBO) and the broader trend among consumers, particularly younger generations, of valuing access over long-term ownership commitments in leisure travel.

Hilton Grand Vacations (HGV) primarily operates within the vacation ownership, also known as the timeshare, market. The company develops, manages, markets, and operates a system of vacation club ownership resorts.

Addressable Market Sizes:

• Global Vacation Ownership (Timeshare) Market: The global market size was estimated at approximately USD 20.4 billion in 2024 and is projected to reach around USD 41.5 billion by 2033, with a compound annual growth rate (CAGR) of 7.3%. Other estimates for the global market size in 2024 are around USD 21.08 billion, with a projection to reach USD 38.94 billion by 2033 at a CAGR of 7.1%.

• U.S. Vacation Ownership (Timeshare) Market: The U.S. market was valued at approximately USD 18.5 billion in 2024 and is anticipated to grow to USD 33 billion by 2031, exhibiting a CAGR of 8.25%. In 2022, the U.S. market size was valued at USD 10.08 billion and is expected to reach USD 15.32 billion by 2028, growing at a CAGR of 7.22%.

Expected Drivers of Future Revenue Growth for Hilton Grand Vacations (HGV)

Over the next 2-3 years, Hilton Grand Vacations (HGV) is anticipated to drive revenue growth through several key strategies:

1. Growth in Contract Sales through Enhanced Tour Flow and VPG: HGV has demonstrated strong contract sales growth, which is expected to continue, supported by increased tour flow and Volume Per Guest (VPG) in both existing owner and new buyer channels. The company anticipates high single-digit contract sales growth for the year.
2. Expansion and Integration of HGV Max and Acquired Businesses: The continued robust demand for the HGV Max program, which has surpassed 250,000 members, and the ongoing integration of Bluegreen and Diamond Resorts are significant drivers. These integrations are expected to enhance customer loyalty and expand the member base by allowing Bluegreen members to utilize HGV Max.
3. Strategic Market Expansion and Product Innovation: Hilton Grand Vacations aims to broaden its customer base through strategic expansion into new geographic markets and demographics. Additionally, continuous refinement and expansion of vacation packages and services through product innovations and enhancement initiatives are expected to cater to evolving customer preferences and drive sales.
4. Leveraging Brand and Customer Loyalty: HGV benefits from strong brand recognition and its exclusive partnership with Hilton. Efforts to increase customer loyalty and engagement through best-in-class programs and exclusive services for its over 720,000 Club Members are crucial for sustained revenue growth. The company's significant inventory, equivalent to six years of sales, also indicates strong demand for its offerings.

Share Repurchases

• Hilton Grand Vacations repurchased 4.1 million shares for $150 million in the second quarter of 2025.
• As of July 24, 2025, the company repurchased an additional 626,000 shares for $29 million, with $98 million remaining under the 2024 Repurchase Plan.
• On July 29, 2025, HGV's Board of Directors approved a new $600 million share repurchase program over a two-year period, in addition to the amount remaining under the 2024 plan.

Share Issuance

• In August 2025, certain entities managed by affiliates of Apollo Global Management, Inc. (Selling Stockholders) announced a proposed secondary public offering of 7,000,000 shares of HGV's common stock.
• Hilton Grand Vacations itself was not selling any shares and would not receive any proceeds from this proposed offering.
• Concurrently, HGV authorized the purchase of up to $40 million of shares of common stock from the underwriters as part of this public offering, pursuant to its existing repurchase plans.

Outbound Investments

• Hilton Grand Vacations completed the acquisition of Bluegreen Vacations Holding Corporation in January 2024.
• This acquisition added approximately 200,000 members in 14 new geographies and eight new states to HGV's portfolio.

Capital Expenditures

• Net cash used in investing activities was $11 million for the three months ended March 31, 2023, compared to $14 million for the same period in 2022, primarily due to decreased capital expenditures.
• Capital expenditures primarily focus on technology, buildings, and leasehold improvements to support sales and marketing locations, resort operations, and corporate activities.
• VOI (Vacation Ownership Interval) inventory spending was $210 million for the nine months ended September 30, 2023, up from $109 million in the same period in 2022.